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Sunday 15 April 2012
Gu sisters' US$126m business web
The sisters of Gu Kailai, who is suspected of murdering Briton Neil Heywood, controlled a web of businesses from Beijing to Hong Kong to the Caribbean worth at least US$126 million, regulatory and corporate filings show.
The sisters of Gu Kailai, who is suspected of murdering Briton Neil Heywood, controlled a web of businesses from Beijing to Hong Kong to the Caribbean worth at least US$126 million, regulatory and corporate filings show.
Gu, 53, the wife of disgraced Chongqing party boss Bo Xilai, is the youngest of five daughters of a People's Liberation Army general. She rose from a butcher's assistant during the 1966-1976 Cultural Revolution to become a lawyer who argued cases in the United States.
Her sisters focused on business rather than politics. Gu Wangjiang, 64, the oldest, is a Hong Kong resident who owns US$114 million in shares of a printing company in eastern China, according to a Shenzhen exchange filing.
Wangjiang and her sister, Gu Wangning, serve as directors of several other companies, including some that Hong Kong company registry records trace to the British Virgin Islands. They have also made millions selling Hong Kong real estate.
Another sister, Gu Zhengxie, 62, was a top official at one of the country's biggest state-owned companies.
Their wealth - and the fact they put some assets offshore, where ownership is harder to trace - illustrate how the politically connected thrive on the mainland.
Gu Wangjiang is chairman of publicly traded Tungkong Security Printing, based in Jinan, Shandong province. It in turn controls a chain of other companies across China linked to her Hong Kong holding company, Hongkong Hitoro Holdings, according to a September 2010 share prospectus that also says Wangjiang is a Hong Kong national. Hitoro's Chinese characters mean "much happiness coming".
Hitoro's 37,827,385 shares in Tungkong, which also counts government bureaus and state-owned companies as customers, were worth 720.2 million yuan (HK$885 million) at the close of trading in Shenzhen on Friday.
Efforts to reach Wangjiang and Wangning were unsuccessful.
In 1992, Hitoro paid HK$13.3 million for a luxury 16th-floor apartment at Parkview Crescent in Tai Tam.
Gu Wangjiang sold it for HK$88 million early last year, land registry documents show.
The buyer was Topwell Rich, a Hong Kong company owned by British Virgin Islands-based Ampere Management, land registry records show. Hitoro's controlling shareholder, Infomatic Resources, shares the same post office box address in the offshore jurisdiction, according to a November 21 filing with the companies registry.
So does the owner of Hangang Worldwide, a Hong Kong-based company affiliated with a Chinese steelmaker for which Gu Wangning also acts as a director, a February 8 filing shows.
Gu Wangjiang, known as Kuk Mong-kong in Hong Kong, has held directorships of at least nine companies in Hong Kong over the course of more than two decades, Hong Kong registry and bond documents show.
Gu Zhengxie, the second-oldest sister, became a Communist Party member and rose to become the deputy party secretary of Beijing-based China National Machinery Industry, a centrally administered state-owned company with assets of 139.2 billion yuan, according to its latest bond prospectus. The conglomerate makes everything from power grids to tractors.
The final sister, Gu Dan , is married to Li Xiaoxue, until last year the top discipline official at the China Securities Regulatory Commission, according to a report on the official website of Zuoquan county in Shanxi province, the home province of both the Gu and Li families.
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Gu sisters' US$126m business web
Bloomberg
15 April 2012
The sisters of Gu Kailai, who is suspected of murdering Briton Neil Heywood, controlled a web of businesses from Beijing to Hong Kong to the Caribbean worth at least US$126 million, regulatory and corporate filings show.
Gu, 53, the wife of disgraced Chongqing party boss Bo Xilai, is the youngest of five daughters of a People's Liberation Army general. She rose from a butcher's assistant during the 1966-1976 Cultural Revolution to become a lawyer who argued cases in the United States.
Her sisters focused on business rather than politics. Gu Wangjiang, 64, the oldest, is a Hong Kong resident who owns US$114 million in shares of a printing company in eastern China, according to a Shenzhen exchange filing.
Wangjiang and her sister, Gu Wangning, serve as directors of several other companies, including some that Hong Kong company registry records trace to the British Virgin Islands. They have also made millions selling Hong Kong real estate.
Another sister, Gu Zhengxie, 62, was a top official at one of the country's biggest state-owned companies.
Their wealth - and the fact they put some assets offshore, where ownership is harder to trace - illustrate how the politically connected thrive on the mainland.
Gu Wangjiang is chairman of publicly traded Tungkong Security Printing, based in Jinan, Shandong province. It in turn controls a chain of other companies across China linked to her Hong Kong holding company, Hongkong Hitoro Holdings, according to a September 2010 share prospectus that also says Wangjiang is a Hong Kong national. Hitoro's Chinese characters mean "much happiness coming".
Hitoro's 37,827,385 shares in Tungkong, which also counts government bureaus and state-owned companies as customers, were worth 720.2 million yuan (HK$885 million) at the close of trading in Shenzhen on Friday.
Efforts to reach Wangjiang and Wangning were unsuccessful.
In 1992, Hitoro paid HK$13.3 million for a luxury 16th-floor apartment at Parkview Crescent in Tai Tam.
Gu Wangjiang sold it for HK$88 million early last year, land registry documents show.
The buyer was Topwell Rich, a Hong Kong company owned by British Virgin Islands-based Ampere Management, land registry records show. Hitoro's controlling shareholder, Infomatic Resources, shares the same post office box address in the offshore jurisdiction, according to a November 21 filing with the companies registry.
So does the owner of Hangang Worldwide, a Hong Kong-based company affiliated with a Chinese steelmaker for which Gu Wangning also acts as a director, a February 8 filing shows.
Gu Wangjiang, known as Kuk Mong-kong in Hong Kong, has held directorships of at least nine companies in Hong Kong over the course of more than two decades, Hong Kong registry and bond documents show.
Gu Zhengxie, the second-oldest sister, became a Communist Party member and rose to become the deputy party secretary of Beijing-based China National Machinery Industry, a centrally administered state-owned company with assets of 139.2 billion yuan, according to its latest bond prospectus. The conglomerate makes everything from power grids to tractors.
The final sister, Gu Dan , is married to Li Xiaoxue, until last year the top discipline official at the China Securities Regulatory Commission, according to a report on the official website of Zuoquan county in Shanxi province, the home province of both the Gu and Li families.
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